The methanol chemicals Chemanol reduced the capital by an amount of 531,491,370 riyals to extinguish all the accumulated losses.
According to Arabiya Net, the company’s board of directors issued a recommendation on 03/22/1442 AH corresponding to 11/08/2020 AD regarding reducing the company’s capital by 44.07%, followed by the approval of the company’s shareholders during the extraordinary general assembly on 11/18/1442 AH corresponding to 28 /06/2021AD.
According to the company’s statement on the Saudi market’s Tadawul website, its capital was reduced from 1,206,000,000 Saudi riyals to 674,508,630 Saudi riyals.
